According to the LA Times, ‘All My Children’ will end in Sept. 2011, while ‘One Life to Live’ will officially die in Jan. 2012, leaving ‘General Hospital’ as the network’s only remaining soap. EW.com adds that “enormous costs” were the main reason the shows were canceled.

Taking their place will be two lifestyle shows: ‘The Chew,’ a food show co-hosted by Mario Batali, and the Tim Gunn-hosted health and lifestyle show ‘The Revolution.’ ‘The Chew’ and ‘The Revolution’ will premiere in Sept. 2011 and Jan. 2012, respectively.

Today’s cancellation news comes after weeks of rumors that ABC had plans to ax ‘All My Children,’ rumors the network denied late last month. ‘All My Children,’ which has received over 30 Daytime Emmys in its run, has been with the network since its debut on Jan. 5, 1970. ‘One Life to Live’ premiered about a year and a half earlier, on Jul. 15, 1968.

‘All My Children’ and ‘One Life to Live’ join a growing list of soaps axed by networks in recent years. Among the others: ‘As the World Turns,’ ‘Guiding Light’ and ‘Passions.’ Only four soap operas remain on network daytime television: ‘The Bold and the Beautiful,’ ‘Days of Our Lives,’ ‘General Hospital’ and ‘Young and the Restless.’

In response to the news, Brian Frons, president of daytime for Disney ABC/Television Group, released the following statement:

“While we are excited about our new shows and the shift in our business, I can’t help but recognize how bittersweet the change is.”

“We are taking this bold step to expand our business because viewers are looking for different types of programming these days,” he added. “They are telling us there is room for informative, authentic and fun shows that are relatable, offer a wide variety of opinions and focus on ‘real life’ takeaways.”

Sad news all round. Has there ever been a more appropriate time to post this video?

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